With the rapid development of economy in China, national investment in infrastructure construction increases. More and more water conservancy and hydropower projects and tunnel projects have been carried out in the southwestern China, wherein there are a large number of underground projects. Collapse and water inrush are common forms of disasters in underground projects. Collapse is a process of losing stability and falling of the rock mass of the vault, and water inrush is a phenomenon of a large amount of water burst of water storage structures or underground rivers through water guiding structures. No matter in a construction process or in an operation period, collapse and water inrush of the underground projects will cause huge losses to lives and properties of people. An underground project model test means that the actual project is scaled down to a model according to the similarity ratio and similarity theory, and a corresponding test is performed on a scaled-down model or undistorted model to obtain related data so as to arrive at related conclusions. This has become one of the main research methods in the field of underground projects. The researches on the underground project collapse and rockfall mechanism and the rock fracture water inrush mechanism have important guiding significance for disaster prevention and reduction of the underground projects. The previous model tests have few research on the underground project collapse and rockfall mechanism and the rock fracture water inrush mechanism, or the model test research is only performed on the water inrush of the underground projects in a single aspect, and a test device that can meet the dual experimental demands of collapse and rockfall mechanism research and rock fracture water guiding mechanism research does not exist.